What happens if I miss a payment on my NatWest Visa card?

If a customer misses a payment on their NatWest Visa card, several consequences may follow. Firstly, a missed payment can result in a late fee, which is a charge applied to the account. This fee can vary depending on the terms of the customer’s card agreement. Additionally, interest may accrue on the outstanding balance, typically at a higher rate, which could increase the total amount owed. Furthermore, missing a payment may affect the customer’s credit score, as payment history is a significant factor in credit ratings. Negative marks such as missed payments can stay on a credit report for several years, making it harder to obtain credit in the future. It is also important to note that if payments are missed consistently, NatWest may take further action, which can include restricting the account or increasing interest rates. Customers are encouraged to stay informed about their payment due dates and account status on the NatWest website or mobile app, where they can find relevant information regarding payments and financial management.